Traders in Cree Cheer as Goldman Lifts Price Target to $73, But New Target Suggests Only 8% Upside...

Traders in Cree

are responding to news of a raised price target from Goldman Sachs' Brian Lee Tuesday morning. The analyst now sees shares of Cree rising to $73 over the next year, up from $60 previously. Lee maintains a Buy rating on shares of Cree. The analyst believes the sale of LED bulbs have recently been improving at a better-than-expected pace. Lee highlighted a possibility for earnings and sales upside over the medium term. With Cree shares up 4.9 percent to $67.32 at last check, Lee's new price target represents potential upside of about 8 percent.